Updated to v1.3. The major new feature is auto load/save of save states. When you run a game from the SD card, and it uses save ram of any sort (except ext cart), the save ram will be automatically loaded from "/.menu/n64/save/<game_name>.sav". If the file doesn't exist, the save ram is cleared. When you reload the menu, the save ram will be automatically saved to the file. If the directory doesn't exist, create it yourself by hand or the feature will fail.
The other significant change is the menu loaded off the SD card can now be any size up to 16 MB. So custom menus loaded from the SD card can be BIG!